Assume Wadsworth Museum (which has a December 31^styear end) received the following contributions in 2020.Prepare journal entries to record these events and any year-end adjusting journal entries resulting from the events.

A) Unrestricted pledges of support were received in the amount of $525,000.All of these are due within the year and it is estimated that 4% will ultimately prove to be uncollectible.

B) 1,200 Memberships were sold to the public in the amount of $45 each.Membership provides the individual with a monthly magazine and other benefits.The estimated fair value of member benefits is $20.The member year runs from July 1 to June 30.

C) A local carpenter donated supplies and labor with values of $45,000 and $15,000 (respectively) to construct a new exhibition area.Fixed assets are classified as unrestricted net assets.

D) On July 1, 2020 a local businessman made a pledge payable in a future period.The pledge is restricted in purpose and has a present value of $325,000 (effective interest rate of 5%).